(A) All security transactions, including collateral pledges, except for certificates of deposit purchased from an institution utilizing the "pooled collateral" option, shall be conducted on a delivery versus payment basis. Securities will be held by a third party custodian designated by the Finance Director and evidenced by safekeeping receipts.
(B) Securities owned by the city and collateral securities pledged to the city must be maintained in safekeeping at a bank other than the bank or broker/dealer through which the specific owned security is purchased or from which the specific collateral security is pledged.
(Ord. 2973, passed 4-11-95)